Morocco on the way to becoming an energy exporter

Morocco, which is seeking to diversify its energy mix and reduce its dependence on imports, is on its way to becoming an energy exporter, according to Graham Lyon, CEO of Sound Energy, who spoke in an interview given to the Petroleum Economist site.

He indicated that “there are two key projects being studied and carried out, one of which concerns the supply of liquefied natural gas to the main industrial markets, while the other involves the development of a gas pipeline to supply gas to the markets of electricity“. Graham Lyon, who did not hide his optimism about the future of Moroccan gas on the domestic market and export prospects, also said that “the first project will supply approximately 100 million cubic meters per year of LNG to industrial markets, with the objective of starting production and sales in the first quarter of 2024“.

Graham Lyon explained that the Kingdom is sleeping on more than 20 trillion cubic feet of natural gas reserves, which is a record. “Morocco has significant natural gas reserves, which will help it achieve self-sufficiency and even move into exporting gas to international markets.“, he further noted. The CEO of Sound Energy pointed out that “Morocco’s Tendara field will play a key role in achieving Morocco’s objectives, as the country aims to develop markets and international transactions“.

Sound Energy currently manages three regions in the east of the Kingdom, with 47.5% of the capital invested in the East, against 27.5% for Schlumberger and 25% for the National Office of Hydrocarbons and Mines (ONHYM), state property. In these new projects, the British company will operate and hold a 60% stake in the project, while ONHYM will hold the remaining 40%. Morocco will be able to reduce its imports of gas used in the production of electricity by up to 30%, which represents a gain of around 800 million dirhams, or around 83 million dollars.

Graham Lyon explained that the gas discoveries made by Sound Energy are located 120 kilometers from the Maghreb-Europe gas pipeline, and can be developed and linked to provide gas to fully operate these stations. He believes that domestic gas not only guarantees the country’s energy security, but also creates wealth for Morocco thanks to the 25% stake held by the National Office of Hydrocarbons and Mines, as well as the additional benefits of l employment, investment and improved incomes.

According to a press release from the Ministry of Energy, Mines and Environment, Morocco has drawn up a three-stage national roadmap for the development of natural gas from 2021 to 2050, as part of the national energy strategy, in order to define market structures and players, to stimulate the progressive development of demand, to develop infrastructures, to access competitive energy resources, to increase the competitiveness of industrial exporters and to develop other industry management.

Morocco is also interested in renewable energies. He could very well benefit from it, given the levels of sunshine and wind which are among the highest of all the countries in the world. To something misfortune is good, we say to ourselves, and since Algeria closed the taps of the Maghreb Europe Gas Pipeline on the other side of the border, this has prompted the Kingdom to invest differently in its energy policy, which today Today is giving it independence at this level with a boom in discoveries in the Anchoa gas field.

In addition, the stoppage of gas supplies from Algeria has aroused other interests. This is how the Israeli company NewMed Energy, announced at the beginning of December that it had signed an agreement to search for hydrocarbons off the Moroccan coast and to hold a 35% stake in the Boujdour Atlantic offshore permit.

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